[Asia Economy Reporter Kim Hyung-min] Former Ssangbangwool Group Chairman Kim Sung-tae, who was captured in Thailand while on the run, returned to South Korea through Incheon International Airport at around 8:20 a.m. on the 17th.
Kim, who got off the plane with prosecutors' investigators, appeared wearing a blue shirt and red horn-rimmed glasses. Both of his hands were handcuffed. He told the press, "I will sincerely cooperate with the investigation," and added, "It pains me that the hardworking employees of the company are hurt because of me." When asked about allegations that Lee Jae-myung, leader of the Democratic Party of Korea, had his legal fees paid by others, he replied, "I have no knowledge of that." He also said, "I apologize for causing concern to the public because of me," and added, "Everything will be revealed by the prosecution." On the same flight returning through Incheon Airport was his cousin Yang Seon-gil, chairman of Ssangbangwool Group. Yang did not respond to reporters' questions and left the arrival hall.
Former Chairman Kim Seong-tae of Ssangbangwool Group, who was caught in Thailand while on the run abroad, is returning to Korea through Terminal 1 of Incheon International Airport on the 17th. Photo by Kang Jin-hyung aymsdream@
The Criminal Division 6 of Suwon District Prosecutors' Office (Chief Prosecutor Kim Young-nam) escorted the two men to the office upon their arrival at the airport. They are expected to be interrogated immediately upon arrival at the prosecution office and a detention warrant will likely be requested on the morning of the 18th. Prior to this, prosecutors sent investigators to Thailand and executed the arrest warrant about an hour after Kim and others boarded the flight to Korea. The decision to request a detention warrant must be made within 48 hours after executing the arrest warrant. Kim and others were previously arrested on the 10th at a golf course in Pathum Thani, Thailand. This was eight months after Kim suddenly left for Singapore ahead of a prosecution raid in May last year.
Kim is under investigation by the Suwon District Prosecutors' Office for suspicious financial flows within Ssangbangwool Group. He is suspected of involvement and directing false disclosures related to Ssangbangwool's convertible bonds (CB) transactions during 2018-2019, charges including embezzlement, breach of trust, and violations of the Capital Markets Act. He is also accused of illegally transferring $6.4 million (approximately 7.2 billion KRW at the time) to China and then to North Korea during 2018-2019 (illegal remittance to North Korea). Kim is also considered a key figure in the allegations that Lee Jae-myung had his legal fees paid by others. Prosecutors believe that as the actual owner of Ssangbangwool, Kim instructed the company to pay 230 million KRW in legal fees to lawyer Lee Tae-hyung during Lee’s trial for election law violations in 2018-2019.
Former Chairman Kim Seong-tae of Ssangbangwool Group, who was caught in Thailand while on the run abroad, is returning to Korea through Incheon International Airport Terminal 1 on the 17th. Photo by Kang Jin-hyung aymsdream@
Kim is expected to deny all these charges. Before boarding the flight to Korea, he told reporters in Thailand, "I do not know Lee well and have never spoken with him on the phone." Regarding embezzlement and breach of trust charges, he emphasized, "I did not cause any damage to the company," and about the illegal remittance to North Korea, he said, "I transferred personal money for business purposes."
Meanwhile, Han Dong-hoon, Minister of Justice, appeared before the National Assembly’s Legislation and Judiciary Committee the day before and said regarding Kim’s extradition, "It is the national duty to do our best to catch criminals who prey on legitimate companies by manipulating stock prices, embezzling money, bribing politicians, and secretly sending money to North Korea, especially when they flee abroad during investigations."
He further criticized Kim’s denial of charges, saying, "It is common for serious criminals who fled abroad to choose a media outlet to deliver their statements just before returning, conduct one-sided interviews to appear favorable, and send signals to related parties to coordinate stories. This has happened frequently in the past." He added, "Recently, Nam Wook and Choi Seo-won did the same. That did not stop criminal investigations, and it will be the same this time."
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